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The CFPB provides an Owning a Home online resource for consumers. Two weeks ago, the CFPB rolled out the beta version of an interest rate checker. By inputting their credit score, state, home price, down payment, and loan information, consumers can learn what kind of interest rate they might expect from lenders in their area. The tool also provides a clearly laid out explanation of the costs of higher interest rates over 5 and 30 years, as well as plain-English explanations of terms used by lenders and creditors.

The rate checker received a great deal of opposition from the industry. NAMB President John Councilman stated “If a private company released this exact product, the CFPB and state regulatory authorities would have a team sent in to shut the site down,” while the Mortgage Bankers Association’s CEO David Stevens said the tool gives incomplete information about the costs associated with a loan.

You can find the interest rate checker at http://www.consumerfinance.gov/owning-a-home/check-rates/

The deadline for the debt foregiven by your lender to not be considered taxable income has been extended from December 31, 2013 to December 31, 2014.**

Congress as part of the Fiscal Cliff Bill has extended the deadline to get your short sale of foreclosure completed. The short sale will have to be completetd before January 1, 2015. It is unknown whether or not Congress will extend it again for this year.

Being able to close quickly and keeping your clients informed and happy are some of the most important things when negotiating short sales. We have a full time department that exclusively works on short sales.